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AMP has sold its insurance and reinsurance businesses to US company Enstar Group for A$585 million, booking a profit of around A$83million. The sale frees up capital for AMP and, more importantly, allows the group to focus on its core operations, including wealth management, a market set to benefit from new government retirement savings initiatives.

Published By Datamonitor

IAG is currently enduring scathing criticism from major shareholders and industry observers, after having rejected a third takeover offer from QBE. The IAG share price has fallen to the same level as it was before QBE's first offer was made public on April 11, 2008.

Published By Datamonitor

Flooding in Australia has affected more than 20 major cities since December 2010, causing an estimated A$1bn worth of damage to date. With its call centers in Brisbane, Toowoomba, and Melton temporarily out of action, insurance group Suncorp's customers found themselves unable to get through to the company, which demonstrates that even insurers need to be better prepared for natural disasters.

Published By Datamonitor

Reinsurers worldwide are retreating from catastrophe-hit regions, mainly those affected by floods in Asia Pacific. A wetter climate in the UK in the near future could pose a similar risk of reduced reinsurance cover sooner than expected. Therefore, the government needs to look closely into this issue and increase its financial role in the flood insurance sector.

Published By Datamonitor

The RDR will place a heavy burden on the bancassurance channel as a result of upskilling and the decision to become either independent or restricted in how they offer advice. However, because of their size, banks are in a better position to adapt to the trend towards higher regulatory standards than other distribution channels.

Published By Datamonitor

Alistair Darling's latest plan for the Lloyd's market, as unveiled in the 2009 Budget, is to scrap corporation tax on dividends and other distributions received from UK companies, starting from July 1, 2009. This move will undoubtedly enhance the level of competition within the market.

Published By Datamonitor

The Independent Insurance Agents and Brokers of America is asking the new president to keep the state-based regulatory structure intact, stating that it is the best way to protect the consumer. Datamonitor believes this argument to be tenuous, as it serves agents and brokers rather than insurers and consumers, and advises President Obama to treat the proposal with a healthy level of skepticism.